India will lead way in scaling up energy efficiency: Piyush Goyal

The idea is to make power available to all at affordable prices. Our policies have to make a difference to the last man at the bottom of the pyramid and change his life for the better, said GoyalETEnergyWorld | April 20, 2016, 17:40 IST

NEW DELHI: India, which is projected to see its demand quadrupling in the coming years, will also lead the way in scaling up energy efficiency in line with its commitments towards combating the challenges of climate change, Piyush Goyal, power, coal and renewable energy minister said.

Speaking at the Investors Roundtable on Renewable Energy in London, Goyal further elaborated on how India was developing energy policies that was driven by affordability, access and inclusiveness.

“The idea is to make power available to all at affordable prices. Our policies have to make a difference to the last man at the bottom of the pyramid and change his life for the better,” Goyal said adding how cost will play a big role in the Indian market.

Calling on investors in UK, Goyal said India and UK are natural partners and a deeper engagement can lead to a win-win for both nations and economies.

While India will gain from new technologies, UK can make the same technologies more accessible by manufacturing in India, capitalising on Indian skills and the scale to bring down costs, he added.

India has set a renewable energy target of 175 GW of renewable energy by 2022 that comprises 100 GW of solar and 60 GW of wind capacity.

“We believe that we have to play our role in helping countries that have been left behind in the development journey and this can be done if the global community comes together,” Goyal said in the context of International Solar Alliance.

Elaborating on how India is leading from the front on issues relating to climate change, Goyal said that India is among the few nations that has imposed a carbon tax even as measures are being taken to scale up energy efficiency and de carbonize the transport industry.

"With India selling 770 million LED bulbs everyday India will soon become the LED capital of the world. Prices of LED bulbs have come down to 55 pence from over £3.5 two years ago," said Goyal even as he detailed plans of how electric vehicles were being promoted as an alternative to ones being run on petroleum fuels.

For a country like India, replacing petroleum fuel is even more important as this would reduce import dependence and ensure energy security, he said.

Goyal further added he has invited his British counterpart for a ministerial level engagement to Delhi in June.

“To save the environment and to fight climate change, my government has planned a major campaign. By 2022, we want to generate 175 GW of renewable energy. In the last three years, we have already achieved 60 GW or around one-third of this target,” he said.